AN OUTSTANDING GIFT FOR 2017 TO COMPANIES WITH ANNUAL TURNOVER UP TO $10 MILLION

Accelerated Depreciation is about to become available to larger companies for the 2017 financial year via the Simplified Depreciation Rules.

Companies with an annual turnover of up to $10mil will now be able to access the Small Business Concessions for the current 2017 financial year. These concessions were previously only available to companies with an annual turnover of up to $2mil. This legislation has taken almost 1 year (since last years' budget) to go through parliament and is expected to be passed by the House of Representatives in early May 2017.

This concession will apply from July 1, 2016, and therefore is relevant to the current financial year.

This has enormous implications for companies with a turnover of up to $10mil as it allows them to access the Simplified Depreciation Rules which provides: